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with great respect for all of you, for parliament, and for all of the people of britain, whom you represent. this is the most mumble day of my career. after all that has happened, i know that we needed to be here today. james and i would like to say how sorry we are for what has happened, especially with regard to listening to the voicemale of victims of crime. my company has 52,000 employees. i have led it for 57 years, and i have made my share of mistakes. i have lived in many countries, employed thousands of honest and hard-working journalists. i own nearly 200 newspapers of very different sizes, and i have followed countless stories about people and families around the world. at no time do i remember being as sickened as when i heard what the dowler family had to endure, which i think was last monday week. nor do i recall being as angry as when i was told that the news of the world could have compounded their distress. i want to thank the dowlers for graciously giving me the opportunity to apologize in person. i would like all the victims of phone hacking to know how completely and deep
? >> in great britain a few years ago cannot they undertook -- a few years ago, they undertook a social security reform. in typical british way, they had a white paper study on what they should do and concluded that it would be useful to try to increase private savings at the same time that they did social security reform. it actually increased benefits in the public system. but even there, they decided that it was not enough. it is probably because the index did at a slower rate. they decided that in order to help a broad swath of people we needed to build up private pension savings. if you look at the private pension system, it covers fairly poorly most of the population. an estimate i did a few years ago -- i have not quite of dated, but basically of 70% of those who retire, the lifetime expenditure is close to $1 million. that is in excess of their home, private accounts, everything. a large number are dependent upon social security and medicare. how do we deal with it? one way is to try to, perhaps, increase some of those cash benefits for lower and moderate income people. but for the middl
Search Results 0 to 1 of about 2